Top Online Insurance Plans in India

Now online insurance plans are more popular in India because online policies are cheaper and easy to purchase in compare of offline plans. 

Why Online Insurance is Cheaper?:- When you buy your term plan/insurance plan on-line then insurance companies not pay any commission to his agents so they give a direct deduction to his online customer. 

Top On-line Insurance Plans in India:- Now we discuss about top  online term plans in india 

1.LIC Jeevan Akshay VI Plan:- This plan give you immediate pension you can purchase this plan online by paying a single lum sum premium. Hence this plan start immediate pension (annuity) to you so no loan and no surrender value is available under LIC Jeevan Akshay VI Plan. Minimum purchase price is INR 150000 and minimum age of entry is 30 year but I recommended to get a entry at age of 60-65 year and buy minimum INR 250000 plan because in this case you get more annuity due to incentives. Features:-

Online Incentive		Rebate of 1% by way of increase in the basic annuity rate will be available.
Immediate Annuity		Starts as early as next month.
Single Premium		Pay - Once - Enjoy - Forever
Purchase Limits		Minimum purchase price : Rs.1,50,000/- No maximum limits for purchase price, annuity etc.
Incentive for High Purchase Price		If your purchase price is Rs. 2,50,000/- or more, you will receive higher amount of annuity due to available incentives.
Age Limits		Minimum age at entry: 30 years Maximum age at entry: 85 years Age proof is necessary
Medical		No medical examination is required.
Annuity Options		Seven options of annuity to choose from.
Annuity Mode		Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity. You may choose any one from the below mentioned annuity options (i). Annuity payable for life at a uniform rate. (ii). Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive. (iii). Annuity for life with return of purchase price on death of the annuitant. (iv). Annuity payable for life increasing at a simple rate of 3% p.a. (v). Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant. (vi). Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant. (vii). Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

I give you direct  link for more details of this plan :-

LIC Jeevan Akshay VI Plan

2.HDFC Life Click2Invest - this is a ULIP plan this ULIP is an online Unit Linked Plan that offers you market linked returns. 

HDFC Life Click2Invest - ULIP has Zero charge structure.
HDFC Life Click2Invest - ULIP provide 8 fund options to choose from as per your investment style

read more details of this plan here:-

HDFC Life Click2Invest - ULIP

Is Multiple Life Insurance Policies are Legal?

This is a conmen question that "Can I take two insurance policies and get claims under both of them? 

My simple answer for this question is Yes ( in case of Personal accident policy) 

actually insurance policies are 2 type 

1. Indemnity cover:- This type of policy cover only actual loss, Auto insurance is an example of indemnity insurance cover, suppose you get 4 indemnity cover on your motorcycle which insured cost is INR 35000 and you lost your motorcycle in an accident then what happen " can you get INR 35000 from each of insurance company? means total 35000*4= INR 1,40,000 ( and buy a used car)

Answer of above situation is no and it is illegal to buy multiple indemnity cover without inform insurance company. 

So where you seek actual loss and you have multiple policies which total sum assured is over your actual loss then loss shall be shared by all companies ( which policies you hold). 2. Personal accident policy:- These policies not depend on actual loss, where a fixed compensation paid and no matter what the actual loss are then you may buy more then one policy and claim all of them in case of any unforeseen event. your nominee will get all of sum assured. 

 For example:- You may buy these policies together 

 LIC Jeevan Saraal 

 Aegon Relicare term insurance 

 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) etc.

HDFC Life Click2Invest ULIP Plan

1.Recently all major insurance companies launches online policies for a customer who is comfortable using the internet and has some experience of having made an online purchase. 
2.Buying life insurance online is cheaper than the offline version as online rebate is also available, Because if we buy an insurance policy online then companies have no need to pay commissions to his agents. 
3.HDFC Life Click2Invest - ULIP is an online Unit Linked Plan that offers you market linked returns. 
4.HDFC Life Click2Invest - ULIP has Zero charge structure.
5. HDFC Life Click2Invest - ULIP provide 8 fund options to choose from as per your investment style. 
6. This policy provide Flexibility to choose your policy term from 5 to 20 years 
7. This policy also give us Tax Benefits to under Section 80C and Sec 10(10D) of Income Tax Act 1961. 
8. Download HDFC Life Click2Invest ULIP Plan product brochure from this link click here to download
9.  Download Premium rates for HDFC Life Click2Invest ULIP Plan Click here
10. Related Articles:-
IRDA NEW REGULATIONS FOR ULIP
HDFC STANDERD LIFE CREST ULIP

VIEW ON LIC JEEVAN SARAL POLICY

Hello Mahesh ji
I am a regular reader of your blog and first of all i would like to thank for your free guidance on stocks and I have one question on LIC JEEVAN SARAL Policy. I have bought a Policy and paying premium of 60000 per anum. Could you please tell me about your views on the policy and returns.
Regards,
Suresh
1. Suresh ji LIC JEEVAN SARAL POLICY is a mixture of traditional insurance plans and unit links plans.
2. When unit link policies of all companies is dislike by most of investors due to hidden charges and unclear benefits than LIC plan to launch this special plan for beating recurring deposits of post office.
3. LIC JEEVAN SARAL POLICY have higher risk cover, liquidity , flexibility
4. In death case LIC JEEVAN SARAL POLICY return you 250 time monthly premiums plus all paid premiums ( excluding first year premium and all extra rider premium) and loyalty editions.
5. On maturity LIC JEEVAN SARAL POLICY give sum assured plus loyalty edition.
6. The policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss after 5 years.
7. You can make Any number of withdrawals through partial surrendering in LIC JEEVAN SARAL POLICY.
8. Overall please remember one thing that any insurance plans as well as LIC JEEVAN SARAL POLICY give only 6 % to 10 % return if we see them as investment but if you see insurance as risk cover then my view is positive for this policy.
9. It is no doubt it is best plan in available policies.

VIEW ON BAJAJ ALLIANZ I-GAIN –III INSURANCE PLAN

1. Bajaj Allianz life insurance Company is launching a new plan “Bajaj Allianz I GAIN-III”
2. Bajaj Allianz iGain III Insurance Plan is a complete Online life insurance plan that gives you complete Freedom to buy directly from company. This facility reduces agent commission Burdon on consumer so provide you a high allocation compared to insurance agent base life insurance scheme.
3. So if you buy Bajaj Allianz iGain III Insurance Plan online then you get high allocation of 98% from the start of the policy. and 100% allocation from 6th policy year onwards think this is good from old ULIP’s where some companies give only 60-70 % unit allocation in first year due to high commission Burdon of insurance agents.
4. Bajaj Allianz iGain III Insurance Plan have Inbuilt accidental death cover .
5. in Bajaj Allianz iGain III Insurance Plan you have Option to select policy term of 10/ 15 or 20 years and premium paying term of 5 years to policy term.
6. in this plan company provide Automatic annual increase in sum assured from 6th policy anniversary to suit your needs.
7. in Bajaj Allianz iGain III Insurance Plan policy you have Choice of 7 different investment funds to invest in as per your risk appetite, in these 7 funds 4 funds name Equity Growth Fund II, Accelerator Mid-Cap Fund II, Pure Stock Fund and Blue-chip Equity Fund have 60-100 % allocation in equity and remain 3 funds name Asset Allocation Fund bond fund and liquid fund are debt funds.
8. In this plan two investment portfolio strategies to manage your investments which will help you to balance and safeguard your investment.
9.for example in 20 year Bajaj Allianz iGain III Insurance Plan starting years of investments, your investment is allocate in equity funds and after 5 year equity funds portion is gradually reduce and bond fund portion is gradually up, in last 5 years all of your investment shifted gradually in liquid fund.
10. You will have the option to receive the maturity benefit in installments (payable yearly, half yearly, quarterly or monthly, at the option of the policyholder) spread over a maximum period of 5 years.
11.you have Flexibility of Partial withdrawals anytime after five years from the commencement of the policy.
12. Top-up premium payment over and above regular premiums the minimum top up premium is Rs. 5,000.
13. overall my view is positive for Bajaj Allianz iGain III Insurance Plan and I think company professionals work hard for preparing this new ULIP but please remember author is not an insurance agent of any company and these points which I mention here is only for educational purpose read disclaimer on this blog before make any decision.
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